NU Online News Service, March 31, 2005, 4:01 p.m. EST
Annuity sales at banks and savings institutions fell to $3.3 billion in January, down from $3.5 billion in January 2004.[@@]
Bank sales of variable annuities were up, but sales of fixed-rate products continued to struggle, according to Kenneth Kehrer Associates, Princeton, N.J.
VA sales rose to $1.5 billion in January, up 7% from the January 2004 total, but FA sales fell 15%, to $1.8 billion.
Kenneth Kehrer, the head of the firm that bears his name, says FA sales through financial institutions have fallen in 5 of the past 7 months.
The institutional marketing group at Jackson National Life Insurance Company, Lansing, Mich., a unit of Prudential P.L.C., London, sponsors the survey.
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